(a)
(1) The credit committee of the credit union shall be responsible for general supervision of all loans to members.
(2) The credit committee shall not be composed of any person who is a member of the board of directors of the credit union or of the supervisory committee.
(3) It shall be the duty of the credit committee to review all applications for loans, to ascertain whether the loans would be for a provident and productive purpose and would benefit the applicant, to determine whether the security offered is sufficient, and to determine whether the terms of the application are proper.
(4) The credit committee shall meet as often as may be required, after due notice has been given to each member thereof, but not less than once a month. The credit committee shall keep a record of all meetings and shall make a report to the members at the annual meeting.
(b)
(1) The credit committee may appoint one (1) or more loan officers to act under the supervision of the credit committee, and these loan officers may make loans without the necessity for a meeting of, or approval by, any members of the credit committee.
(2) No more than one (1) member of the credit committee may serve in the position of loan officer.
(3) No individual shall have authority to disburse funds of the credit union for any loan which has been approved by him or her in his or her capacity as loan officer.
(4) Each loan officer shall, within ten (10) days of the filing of each loan application received by him or her from another member or by referral from another officer, furnish to the credit committee a full report of the application.
(c) All applications for loans not approved by a loan officer shall be considered and acted upon by the credit committee.